Mr. David Cole reports

EMX ROYALTY ANNOUNCES FIRST QUARTER 2019 RESULTS

EMX Royalty Corp. has released results for the quarter ended March 31, 2019. The company's filings for the quarter are available on SEDAR, on the U.S. Securities and Exchange Commission's website and on EMX's website. Financial results were prepared in accordance with international financial reporting standards, as issued by the international accounting standards board.

Highlights for the first quarter of 2019

Financial update:

• EMX had revenue of $1.4-million, loss from operations of $1-million, and after-tax loss of $2.8-million. Revenue includes royalty income, optioned property and other property income, interest, and gains on sales of properties and marketable securities. Other items affecting financial results in Q1 include $300,000 in depletion costs, and a foreign exchange loss of $1.8-million.
• Royalty generation costs totalled $1.1-million, which is net of recoveries from partners totalling $800,000. In addition, partners incurred exploration expenditures totalling approximately $3.6-million that did not flow through to the company's financial statements.
• General and administrative expenses totalled $1.1-million, which includes $400,000 in salaries and consultants, $200,000 in administrative costs, and $200,000 in investor relations cost.
• Total cash used in operations excluding changes in non-cash working capital was $1.9-million.
• Working capital at March 31, 2019, was $85-million, with cash comprising $78-million. Subsequent to the quarter-end, a cash payment of $2.7-million related to IG Copper's 2018 sale of Malmyzh was released from escrow and received.

Operational update:

• EMX's royalty and mineral property portfolio totals over 95 projects on five continents.
• In North America, EMX received approximately $323,000 in revenue from the sale of 188 gold ounces from the Leeville royalty property in Nevada. EMX also continued to have partners (that is, Kennecott Exploration Company, Anglo American Exploration (USA) Inc. and South32 USA Exploration Inc.) advance copper exploration programs in the southwestern United States, incurring approximately $2.6-million in exploration expenditures. As a subsequent event, EMX made a $1.0-million strategic equity investment in Millrock Resources Inc. and acquired a significant royalty package in Alaska's Goodpaster district which hosts the Pogo high-grade gold mine.
• In Scandinavia, the company sold or optioned 11 projects to three different junior exploration companies during and subsequent to the quarter. The deals involved receiving share equity, advance royalty payments, and 3-per-cent NSR (net smelter return) royalty interests in the projects. Boreal Metals Corp. continued to advance the Gumsberg royalty property in Sweden and the Burfjord royalty property in Norway.
• In Turkey, a 23,900-metre drill program was completed on the Bayla zinc-lead-silver royalty property and the operator of the Akarca gold royalty property is seeking additional drill permits to further assess the project prior to making a development decision.
• In Australia, EMX has elected to advance the Kimberley copper project as a 100-per-cent-controlled property after terminating the purchase agreement with Enfield Exploration Corp. The operator of the Koonenberry royalty property advanced the project with drilling and geochemical sampling.

Outlook

The company has a strong balance sheet to further develop its pipeline of royalty and royalty generation mineral properties. The company ended Q1 with working capital of $85-million, including $78-million in cash. EMX intends to continue its organic generation of new royalty properties, while selectively acquiring royalties and making strategic investments. A recent example that combines both royalty acquisition and strategic investment is the Millrock private placement, which provided share equity to EMX as well as royalty interests in an underexplored, high-grade gold district.

EMX is optimistic about the potential growth in revenue that may come from the company's Turkish portfolio (Balya, Akarca and Sisorta), as well as the significant potential of the company's Timok project royalties in Serbia, where the Upper zone high-grade copper-gold development project is scheduled to commence production in 2022.

EMX continues to see strong industry interest in the company's royalty generation properties. More than $20-million is expected to be spent by partners advancing EMX's portfolio during 2019. A majority of this work will be conducted in the southwestern U.S., Sweden and Norway.

The company's goal is to grow its royalty generation, royalty acquisition and strategic investment portfolio with positive cash flow, as was realized in 2018 with the Malmyzh sale. Revenue from royalties, advance royalties and other preproduction cash payments has been increasing over time. Continuing into 2019, EMX is well financed to identify new strategic investment opportunities, while further developing a pipeline of quality royalty and royalty generation mineral properties that provide multiple opportunities for exploration and production success.

Qualified persons

Dean D. Turner, CPG, a qualified person as defined by National Instrument 43-101 and consultant to the company, has reviewed, verified and approved the above technical disclosure on North America.

Eric P. Jensen, CPG, a qualified person as defined by NI 43-101 and employee of the company, has reviewed, verified and approved the above technical disclosure on Turkey, Scandinavia, Serbia and Australia.

About EMX Royalty Corp.

EMX is a precious metal and base metal royalty company. EMX's investors are provided with discovery, development and commodity price optionality, while limiting exposure to the risks inherent to operating companies.

We seek Safe Harbor.